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Senate passes N819bn supplementary budget for 2022

  • Politics

The Senate on Wednesday passed a supplementary budget of N819 billion for the 2022 fiscal year.

The development came after the Senate amended the 2022 Appropriation Act to extend the implementation period from December 2022 to March 2023.

The National Assembly had passed N17.12 trillion as the 2022 budget later revised to N17.31 trillion on President Muhammadu Buhari’s request citing the impacts of the Russia-Ukraine war on the country’s economy.

Jibrin Barau, chairman of the appropriation committee, who presented a report during the plenary session, said the funds were meant to cushion the effects of the recent floods and fund about-to-be-completed projects

Read also:Senate reveals why 2023 budget passage was postponed

“This will make available funds to cushion the 2022 flood and completion of critical projects that have 85 percent completion,” the chairman said.

President Buhari had last week requested the National Assembly to consider the supplementary budget.

The president said the budget would be financed through additional domestic borrowings and this would raise the budget deficit for 2022 to N8.17 trillion and the deficit GDP ratio to 4.43 percent.